2024 Annual Comprehensive Report

Schedule 4 Page 1 of 2

-4 7 Schedule of Changes in Net OPEB Liability and Related Ratios Other Postemployment Benefit (OPEB) Trust Required Supplementary Information Fiscal Years Ending June 30, 2016-2024 2024 2023 Total OPEB Liability: Service cost $ 6,102,297 $ 6,018,506 Interest 6,013,161 5,865,427 Difference between expected and actual experience (1,445,671) (9,903,527) Changes of assumptions and other inputs (2,829,481) 4,054,148 Benefit payments (1) (5,288,531) (5,975,988) Net Change in Total OPEB Liability 2,551,775 58,566 Total OPEB Liability - Beginning 148,923,261 148,864,695 Total OPEB Liability -Ending (a) $ 151,475,036 $ 148,923,261 Plan Fiduciary Net Position: Contributions - employer 5,788,531 $ 6,975,988 Net investment income 4,708,053 3,012,078 Benefit payments (1) (5,288,531) (5,975,988) Administrative expense Net Change in Plan Fiduciary Net Position 5,208,053 4,012,078 Plan Fiduciary Net Position - Beginning 34,243,114 30,231,036 Plan Fiduciary Net Position - Ending (b) 39,451,167 34,243,114 Net OPEB Liability - Ending (a) - (b) $ 112,023,869 $ 114,680,147 Ratio of plan fiduciary net position to total OPEB liability 26.04% 22.99% Covered employee payroll $ 201,357,647 $ 176,873,334 Net OPEB liability as a percentage of covered-employee payroll 55.63% 64.84% (1) Benefit payments are net of participant contributions. Notes to the Required Schedule: The Total OPEB liability is based upon an actuarial valuation as of 6/30/2022.

2022

2021

$

7,157,351 4,679,811

$

8,366,046 4,271,482

(1,158,728) (14,897,713) (5,776,738) (9,996,017)

(1,089,271) (5,102,962) (5,783,154)

662,141

158,860,712

158,198,571

$ 148,864,695

$ 158,860,712

$

6,276,738 (4,679,422) (5,776,738) (4,179,422) 34,410,458 30,231,036

$

7,783,154 6,152,066 (5,783,154) 8,152,066 26,258,392 34,410,458

$ 124,450,254

$ 118,633,659

20.31%

21.66%

$ 162,890,962

$ 158,579,285

72.83%

78.48%

All years for which information is available are presented. For years following the valuation date (when no new valuation is performed), covered employee payroll has been set to equal covered employee payroll from the most recent valuation. Changes of Assumptions: The Plan's Fiduciary Net Position in 2024 was projected to be depleted in 2038 and, as a result, the Municipal Bond Index Rate was used in determination of the discount rate. The long term expected rate of return of 5.5% on Plan investments was applied to periods through 2038 and the Municipal Bond Index Rate at the measurement date of 6/30/2024 (3.93%) was applied to periods on and after 2038, resulting in a discount rate of 4.31% at the measurement date. The discount rate at the prior measurement date of 6/30/23 was 4.11%.

Single Equivalent Interest Rate, net of OPEB plan investment expense, including price inflation: Prior Measurement Date 4.11% Measurement Date 4.31%